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Indian rupee recovers amid dollar selling

17 Jan 2013 Evaluate

After opening lower, Indian rupee recovered against greenback in the late morning session on the back of dollar selling by the banks and exporters. Positive domestic equity markets and most Asian currencies strength against dollar also supported the local unit. However, demand for the American currency from oil importers and banks capped local unit’s gains. Investors remained cautious ahead of the US earnings season and uncertainty over the policy rate cut by the Reserve Bank of India restricted domestic unit’s up move.

The partially convertible currency is currently trading at 54.60, stronger by 9 paise from its previous close of 54.69 on Wednesday. The currency touched a high and low of 54.78 and 54.59 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.82 and for Euro it stood at Rs 72.82 on January 16, 2013. While, the RBI’s reference rate for the Yen stood at 62.20, the reference rate for the Great Britain Pound (GBP) stood at 87.9902. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

Date

1US$

1GBP

January 16, 2013

54.82 87.9902

January 15, 2013

54.54

88.6934

(RBI-reference rate)

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